Members of the public have termed the action by Central Bank of Kenya on lenders as timely and the right thing to do.
They have lauded the move led by the new Central Bank Governor Patrick Njoroge as the best to stream line the banking sector in Kenya.
“Encouragingly, the new governor has distinguished himself as a no-nonsense taskmaster. During this bank reporting season, he has forced several players including National Bank and now Chase Bank to give a more honest opinion of their accounts,” said Junior Olilo.
He added that the picture is worrying especially for shareholders but claimed they are to blame if the directors they chose have been looking the other way as things go awry.
MMr Olilo said for years, CBK has been sleeping on the job and banks were given a huge leeway to do as they wished, which in the case of Imperial Bank was to open a parallel bank that ran for a whole decade.
“As we have said before, we hope that Imperial Bank and its infamous Sh34 billion black book was a one-off. If it is not, public money will be in danger in more than one bank,” said Olilo.
Korando Kasofi said Dr Njoroge is cleaning up the messes of the previous CBK governor.
“We knew way back things were not good in the Financial sector but Njuguna Ndung’u kept on massaging facts. Truth may take time but it always comes out,”said Kasofi.